Sale of Elk Falls site falls through

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2012-12-20

Catalyst Paper’s sale of its Elk Falls site in Campbell River, B.C., to Pacifica Deep Sea Terminals did not close and the sale agreement has been terminated. The sale of the 400-acre industrial site and adjacent properties was initially expected to close in September. A non-refundable prepayment of a portion of the purchase price was received and the transaction timeline was extended multiple times up to the ultimate deadline of December 18, 2012.

“It’s disappointing that this transaction with Pacifica could not be completed even with the extended timeline. This is a fully serviced property in an excellent location and we remain confident that the right fit between site and buyer will be found that will bring new jobs and opportunities to Campbell River,” said Kevin J. Clarke, Catalyst president and CEO.

The former pulp and paper site was indefinitely curtailed in 2009 and closed permanently in 2010. It has since been decommissioned with removal of chemicals, process wastes, and key papermaking equipment. The landfills remain intact as does the wastewater system which continues to operate in preparation for the site’s redevelopment to other industrial uses.

The Elk Falls mill began operation in 1952, and at its peak, produced 784,000 tonnes of pulp, paper and kraft paper annually.

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